I believe that BP is pretty much, well, toast. Does that mean that they are out of business tomorrow? No it does not. They may in fact be operating as an entity called BP for some time to come.
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We are experiencing a crisis of confidence, and I fear that the media are fanning the flames in an effort to save their own skins.
The global economy has been paralyzed by a widespread lack of certainty -- about the value of assets, the trustworthiness of borrowers and the outlook for the economy as a whole. I call this the Certainty Gap.
If Bush were a true patriot, he would allow the rest of us some chance for a restoration of trust and confidence by going.
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